More Banks Are Helping Hurting Homeowners

San Francisco Chronicle (07/03/08); Said, Carolyn
New reports from three organizations--the Hope Now Alliance, the California Reinvestment Coalition and California's Department of Corporations--suggest that banks in California and across the country are gradually reaching out to more troubled homeowners. All of the groups note that progress is being made, with Hope Now estimating that it saved 170,000 homes from foreclosure in May. Even so, the industry coalition has been criticized for a lack of aggressiveness and for presenting data through rose-colored glasses. However, Moody's Economy.com chief economist Mark Zandi credits the effort, stating, "I think it's as good as can be expected for a voluntary plan."